To understand the origins of Glovo we must go back to the merger of two companies: the Spanish unicorn, acquired by Delivery Hero, and the Barcelona platform Just Bell, created in Antai Venture Builder, the factor of successful digital companies such as Wallapop. An operation that made Vicente and Oliv co-founders of Glovo with 25% of the capital of the Barcelona startup until the end of 2018. Both leaders of the Spanish entrepreneurial ecosystem recall that integration and confirm that the Economist that they will accept the exchange of shares of the German company, consolidating Antai as a benchmark in Spain and Southern Europe.
Will Seaya, Drake Enterprises, and Cathay go to the stock swap?
Yes, we will accept the offer to redeem new Delivery Hero shares. We believe that the operation has been designed so that Glovo’s minority partners join us as part of a larger company, with liquidity, being listed, and highly diversified at the business level. In the conference with analysts on January 11, the complementarity of both companies and the important synergies that will emerge with the transaction were explained.
Without a doubt, the operation marks a very relevant milestone in the Spanish ecosystem …
Indeed, it is a milestone that can create a virtuous circle. It is an example of how investors who bet on Glovo in the beginning will now receive abundant capital gains that they can put back on the market in the form of new funds of venture capital The business angels.
Glovo has 140 million cash in cash and the management team will retain 2.5%, when will we know how the shareholders will remain?
The process to decide if minority partners join the operation ends on January 31. Until the first week of February, it will probably not be known how Glovo’s shareholders end up configured, whether or not it becomes 100% of Delivery Hero or there are still minorities who prefer to stay in the Catalan startup. In any case, the closing of the transaction is scheduled for the second quarter of this year.
We trusted Pierre from minute one. We found him to be a person with a very clear vision and extraordinary talent and charisma.
Why did you decide to merge your company, Just Bell, with Glovo, becoming co-founders of the Spanish Unicorn?
We were starting Just Bell and Glovo was being accelerated by Connector, Carlos Blanco’s accelerator. We already knew each other, but in the summer of 2015 we again made contact with scar Pierre. During those first months of life Just Bell and Glovo were destined to compete. Our company was just another business “business to consumer“and a model”marketplace” and Glovo was an application that worked in the logistics part. We trusted Pierre from minute one. We found him a person with extraordinary talent and charisma, very mature and with a very clear vision. He was already thinking about scaling the business and doing something great. We came to the conclusion that there was no point in competing in Spain when we can join forces to go abroad and take advantage of our know-how at Wallapop to try to make a bigger company.
They agreed to the merger to incorporate knowledge and also equipment.
That’s right and to join a project with our philosophy of digital entrepreneurship, “mobile-first“, very user-oriented. We joined forces and became co-founders of Glovo by joining the management team, being part of the Board and with an important executive work. With the merger, we took 25% of Glovo’s capital. In addition, the team from Just Bell, made up of Bartek Kunowski, Cristina Fogueras, Ivan Nikolic and Anna Champetier joined the company and continue to work at Glovo – Bartek, for example, is the Product Manager.
Why should we compete with Glovo when we can merge it with Just Bell and join forces?
As Co-Founders of Glovo, what does the Delivery Hero deal mean for Antai?
After almost 10 years of life, the operations of Glovo and previously Wallapop represent a milestone in the consolidation of the company factoring model (venture builder) of Antai and make us the benchmark in Spain and Southern Europe. We were co-founders of Glovo and with executive positions in the start up until the end of 2018, a stage in which we help attract talent and drive internationalization. As investors, we led the first rounds accompanied by the hard core of shareholders from our investee Wallapop.
Together with Pierre and Michaud they led Glovo’s internationalization during the first years. Going out was a success
It certainly gave us another dimension. Otherwise, we would not have had access to fundraising. Just one year after its founding, Glovo had raised around seven million euros and was present in three countries. With Antai we are already expanding Wallapop and other projects in Southern Europe and Latin America. In Italy we bought Foodinho, Glovo’s gateway to Milan and opened in France. We are dedicated to recruiting talent and betting on the model of “marketplace“that we have been developing with Wallapop. The cities where Glovo had been operating for a long time, such as Madrid, Valencia or Barcelona, began to be profitable.
Six months after the merger with Just Bell they led a seed round and then series A …
S, a round of 2 million with Bonsai Partners, Caixa Capital Risc and Enisa and initial investors -Bernardo Hernndez, Zaryn Dentzel, Flix Ruiz, The Crowd Angel and Cube Investments-, among others. And, in the summer of 2016, we led the third round of six million with Seaya Ventures and Entre Capital, a fund based in Tel Aviv. With the subsequent series B of Rakuten and Cathay Innovation our executive work was diminishing. We are not currently on the Board but we are still minority partners.